Wednesday, March 03, 2010
Southern Uranium (ASX: SNU) has completed a large gravity survey around the Ridgeback magnetic targets near Bute on Yorke Peninsula, South Australia.
The results have added six new "high priority" copper-gold-uranium targets within the highly prospective Pine Point Fault Zone.
This resulted from a gravity survey of the 30km length of prospective Pine Point Fault Zone (PPFZ) within Exploration Licence (EL) 4278 that is held 100 percent by Southern Uranium.
John Anderson, Southern Uranium’s managing director, said the survey work had produced excellent results.
“The gravity results are very exciting as the new targets firmed up our view that the Ridgeback area is one of South Australia’s best exploration addresses with potential for greenfields IOCGU discoveries.” Mr Anderson said.
“The combined gravity and magnetic targets support the presence of a large mineral system that warrants a substantial exploration program. The pattern of targets is close to our structural prediction of where IOCGU deposits are likely to have formed, so we look forward to being able to start drill testing soon.”
The February survey was designed to detect gravity targets with potential for iron oxide copper gold uranium (IOCGU) deposits in association with the two Hillside-style magnetic targets already identified at Ridgeback.
Consequently, six new targets were identified as gravity anomalies adjacent to the Ridgeback targets and other magnetic anomalies along a highly prospective 20km segment of the PPFZ.
The magnetic targets are proposed for drill testing as soon as access agreements are finalised with landowners.
The Pine Point Fault Zone hosts the Hillside copper-gold and uranium deposits recently discovered by Rex Minerals (ASX:RXM) and located 60km south of EL 4278. The Hillside deposits are hosted by magnetite-altered rocks and are considered variants of the IOCGU family of deposits.
Gawler Craton is a world-class copper gold uranium province with growing discoveries of IOCGU deposits at Prominent Hill, Carrapateena and Hillside add to the best known example of Olympic Dam.
Gravity was the primary exploration method used to discover the Olympic Dam, Prominent Hill and Carrapateena deposits adjacent to lead-in magnetic anomalies.
Each discovery has added more information that improves the ability to choose locations and exploration techniques to make the next generation of discoveries within the craton.
The Ridgeback magnetic targets may be the core of a large mineral system that also contains haematite-hosted IOCGU deposits. Haematite is another iron oxide that can form IOCGU deposits but unlike magnetite is not magnetic.
The recent gravity surveying was therefore undertaken over an approximate 7km by 30km area centred on the Ridgeback magnetic targets.
This work identified six new high potential targets as being semi-coincident with or along the PPFZ from the magnetic targets. The new targets have prospective sizes of one to two kilometres length.
The pattern of gravity anomalies relative to the initial magnetic targets is encouragingly consistent with the structural prediction of IOCGU targets interpreted from the regional magnetics and used to select the area of the survey.
The pattern and extent of anomalous geophysical signatures may indicate a large mineral centre.
Southern Uranium’s initial priority is the drilling of the two Ridgeback magnetic targets to test for Hillside-style deposits or to at least demonstrate the presence of a large IOCGU mineral system.
The positive gravity results have significantly expanded the target portfolio at Ridgeback and additional drill programs are being planned.
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